Lee Partnership Limited has an account at Bank Rakyat. Given are the account balances extracted from...

 

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Lee Partnership Limited has an account at Bank Rakyat. Given are the account balances extracted from the company's account book and bank statement: Cash at Bank Per books Per bank RM135,740 Balance, 1 August August reccipts August credits August disbursements August debits RM136,800 61,400 62,432 57,150 54,745 Balance, 31 August 139,990 144,487 Analysis was done by the accounts executive and reveals that the credits consists of RM62,400 of August deposits and a eredit memorandum of RM32 due to bank interest received. The August debits per bank consist of cheques cleared RM54,700 and a debit memorandum of RM45 for printing additional company cheques. The following errors were discovered involving August cheques: A cheque no. BR5006 for RM230 paid to a creditor on account was cleared by the bank but was taken up the book at RM320. The actual amount was RM230. A bank payment to employees for salaries was recorded in the book as RM155 but was recorded by the bank at RM325. After further checking, it was found that the actual amount cleared by the bank was RM325. a. b. At the end of August 2021, the accounts executive found that a cash deposit of RM5,000 is still in transit and the following cheques that are still outstanding are as follows:| Cheque no. BR5113 RM 1,000 BRS122 1,200 BRS125 2.000 You are assigned to assist the accounts department and are given the following tasks: i. Prepare bank reconciliation as at 31 August 2021. Show working is optional. (6 marks) ii. Joumalise all adjusting entries for Lee Partnership Limited. Assume that interest revenue has not been taken up. (4 marks) Lee Partnership Limited has an account at Bank Rakyat. Given are the account balances extracted from the company's account book and bank statement: Cash at Bank Per books Per bank RM135,740 Balance, 1 August August reccipts August credits August disbursements August debits RM136,800 61,400 62,432 57,150 54,745 Balance, 31 August 139,990 144,487 Analysis was done by the accounts executive and reveals that the credits consists of RM62,400 of August deposits and a eredit memorandum of RM32 due to bank interest received. The August debits per bank consist of cheques cleared RM54,700 and a debit memorandum of RM45 for printing additional company cheques. The following errors were discovered involving August cheques: A cheque no. BR5006 for RM230 paid to a creditor on account was cleared by the bank but was taken up the book at RM320. The actual amount was RM230. A bank payment to employees for salaries was recorded in the book as RM155 but was recorded by the bank at RM325. After further checking, it was found that the actual amount cleared by the bank was RM325. a. b. At the end of August 2021, the accounts executive found that a cash deposit of RM5,000 is still in transit and the following cheques that are still outstanding are as follows:| Cheque no. BR5113 RM 1,000 BRS122 1,200 BRS125 2.000 You are assigned to assist the accounts department and are given the following tasks: i. Prepare bank reconciliation as at 31 August 2021. Show working is optional. (6 marks) ii. Joumalise all adjusting entries for Lee Partnership Limited. Assume that interest revenue has not been taken up. (4 marks)

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sol 1 Bank Reconciliation Statement Lee Partnership Limited Bank Reconciliation Statement As on 31 A... View the full answer